SharpLink posts $1B loss as its $1.7B Ethereum treasury could take 90 days to fully convert to cash
SharpLink reported a $1.08 billion net loss for the six months ended June 30, driven mainly by non-cash accounting charges tied to its Ethereum treasury. The filing says $827.7 million came from an unrealized drop in ETH value and $267.8 million from impairments on LsETH and weETH staking/restaking tokens. The loss was far larger than the prior-year period, though comparisons are distorted because the ETH treasury strategy began June 2, 2025. At June 30, SharpLink held $56.2 million in cash. As of Aug. 3, it reported 888,938 ETH-equivalent units, including native ETH and staking positions. The company said a significant portion of staked ETH could be withdrawn and converted to cash in about 30 days under then-current network conditions, while the full staking portfolio could take about 90 days. SharpLink also raised capital in June, increasing share count and using proceeds to buy ETH and repurchase shares. It warns that liquidity depends on both conversion timing and market prices.
